Berkshire Prepares for Life After Buffett

Ted Weschler is an ace stock picker, a value-investing enthusiast, and a pretty accomplished, middle-aged marathon runner. (He finished the 2007 New York City Marathon in 3:30:02.) Those qualities and a solid track record delivering returns as founder and managing partner at Charlottesville (Va.)-based Peninsula Capital Advisors convinced billionaire investor Warren E. Buffett, 81, that Weschler should be part of the new generation of leaders who will run Berkshire Hathaway in the post-Oracle era.

Buffett’s recruitment of Weschler, 50, as an investment manager overseeing a portion of Berkshire’s equity holdings follows the arrival of Todd Combs, who joined late last year from Castle Point Capital Management, a Greenwich (Conn.) hedge fund. When Buffett eventually steps down as chief executive officer, Weschler and Combs, and possibly a third money pro, will oversee the company’s entire $100 billion equity and debt portfolio, according to its Sept. 12 statement announcing Weschler’s hiring.